The discharge declaration relieves him of over $50,000 in debt that was in his name against a massive debt of over $450,000.
Apparently, the actor filed for bankruptcy in February this year in which he stated that he owed over $500,000 to creditors, according to legal records.
The deal allows the actor to retain his assets worth close to $26,000 and relieves him of $57,303.63 in debt that he owed to the banks, utility companies and medical practitioners, TMZ has reported.
Though emerging from bankruptcy is a positive development for the actor, he is still bogged down by huge debt issues to the tune of $451,297.33 that he owes to the government as federal and state taxes.
Bankruptcy does not enable clearance of taxes owed to the government.
Commenting on the situation, Gary told TMZ: "When you have too much, it's a good feeling to let go. My new hobby is just breaking even."
The bankruptcy filing and subsequent write-off and the remaining debt are likely to impact the 68-year-old actor's credit rating.
His manager Ron Sampson reportedly wrote in a statement that the filing provided Busey "a new and clear path" to personal and career success, the Associated Press has stated.